Open AccessThe Economic Impact of COVID-19 from a Global Perspective
Author(s) -
Alam Khan,
Nadeem A. Khan,
M. Najeeb Shafiq
Publication year - 2021
Publication title -
contemporary economics
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.229
H-Index - 14
eISSN - 2300-8814
pISSN - 2084-0845
DOI - 10.5709/ce.1897-9254.436
Subject(s) - underemployment , unemployment , tourism , covid-19 , foreign direct investment , globe , economics , development economics , economic sector , economic growth , business , geography , economy , macroeconomics , medicine , disease , archaeology , pathology , infectious disease (medical specialty) , ophthalmology
The world has been waging a fight against the novel coronavirus (COVID-19) since December 2019. The current coronavirus crisis is a catastrophe affecting billions of families worldwide. So far, COVID-19 has wreaked havoc across the globe: by slowing down economic growth; decreasing global trade; hurting health sector; increasing unemployment and underemployment; reducing FDI and hurting the tourism sector. This study investigates the economic costs of COVID-19. By using descriptive analysis, this study shows that the major economic variables, such as economic growth, global trade, health sector, unemployment and underemployment, foreign direct investment and travel and tourism sector have significantly affected by COVID-19.